PR Newswire | Apr 19, 2021 10:31AM EDT

GeMS Program

04/19 09:30 CDT

Fannie Mae Priced $879 Million Multifamily DUS REMIC (FNA 2021-M11) Under Its GeMS Program WASHINGTON, April 19, 2021

WASHINGTON, April 19, 2021 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) priced an $879 million Multifamily DUS(r) REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS(tm)) program on April 14, 2021. FNA 2021-M11 marks the fifth Fannie Mae GeMS issuance of 2021.

"We started the second quarter with an $879 million 10-year fixed-rate GeMS deal, building on the $21.5 billion in DUS issuance in Q1 2021," said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. "This first quarter saw spreads continue to grind tighter despite the solid volumes; multifamily borrowers have benefitted from approximately a 30-basis-point tightening of spreads from pre-COVID levels, and investors continue to enjoy the strong underwriting of the DUS program. The M11, for example, offered investors a collateral pool with properties from 20 states, all while maintaining solid credit quality with a weighted average debt-service coverage ratio of 2.27 and LTV of 58 percent."

All classes of FNA 2021-M11 are guaranteed by Fannie Mae with respect to the full and timely payment of interest and principal. The structure details for the multi-tranche offering can be found in the table below:

Weighted Average Coupon OfferedClass Original Face Life Coupon (%) Type Spread Price

A1 $41,250,000 6.10 1.270 Fixed S+8 100

A2 $637,288,684 9.85 1.459 WAC S+17 97.11

A3 $200,000,000 9.90 1.305 Fixed Not Available Not Available

X $41,250,000 6.08 0.189 WAC IO Not Offered Not Offered

X3 $200,000,000 9.40 0.154 WAC IO Not Offered Not Offered

Total $878,538,684

Group 1 Collateral

UPB: $878,538,684

Collateral: 54 Fannie Mae DUS MBS

Geographic Distribution: NY (22.58%), NJ (11.21%), CO (10.7%)

Weighted Average Debt Service Coverage Ratio (DSCR): 2.27x

Weighted Average Loan-to-Value (LTV): 58.02%

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2021-M11) available on the Fannie Mae GeMS Archive page.

About Fannie MaeFannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of people in America. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit: fanniemae.com | Twitter | Facebook | LinkedIn | Instagram | YouTube | Blog

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Certain statements in this release may be considered forward-looking statements within the meaning of federal securities laws. In addition, not all securities will have the characteristics discussed in this release. Before investing in any Fannie Mae issued security, you should read the prospectus and prospectus supplement pursuant to which such security is offered. You should also read our most current Annual Report on Form 10-K and our reports on Form 10-Q and Form 8-K filed with the U.S. Securities and Exchange Commission ("SEC") available on the Investor Relations page of our Web site at www.fanniemae.com and on the SEC's Web site at www.sec.gov.

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SOURCE Fannie Mae